TFI vs. PUSH

Last updated Jun 4, 2026

TFI (SPDR Nuveen Bloomberg Barclays Municipal Bond ETF) and PUSH (PGIM Ultra Short Municipal Bond ETF) are both Municipal Bonds funds. TFI is passively managed, while PUSH is actively managed. Over the past year, TFI returned 6.67% vs 3.85% for PUSH. At a 0.41 correlation, their price movements are largely independent. TFI charges 0.23%/yr vs 0.15%/yr for PUSH.

Performance

TFI vs. PUSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) and PGIM Ultra Short Municipal Bond ETF (PUSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFI achieves a 1.19% return, which is significantly lower than PUSH's 1.32% return.

TFI

• 1D: -0.02%
• 1M: 0.63%
• YTD: 1.19%
• 6M: 1.64%
• 1Y: 6.67%
• 3Y*: 2.99%
• 5Y*: -0.07%
• 10Y*: 1.51%

PUSH

• 1D: 0.04%
• 1M: 0.38%
• YTD: 1.32%
• 6M: 1.66%
• 1Y: 3.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TFI vs. PUSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF	1.19%	3.62%	1.50%
PUSH PGIM Ultra Short Municipal Bond ETF	1.32%	4.16%	1.74%

Correlation

The correlation between TFI and PUSH is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	0.41

The correlation between TFI and PUSH shifts across timeframes, from 0.30 (1 year) to 0.41 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TFI vs. PUSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TFI

TFI Risk / Return Rank: 65
TFI Sharpe Ratio Rank: 72
TFI Sortino Ratio Rank: 76
TFI Omega Ratio Rank: 83
TFI Calmar Ratio Rank: 48
TFI Martin Ratio Rank: 48

PUSH

PUSH Risk / Return Rank: 88
PUSH Sharpe Ratio Rank: 78
PUSH Sortino Ratio Rank: 85
PUSH Omega Ratio Rank: 94
PUSH Calmar Ratio Rank: 95
PUSH Martin Ratio Rank: 88

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TFI vs. PUSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) and PGIM Ultra Short Municipal Bond ETF (PUSH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	TFI	PUSH	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.54	-0.16
Sortino ratio: Return per unit of downside risk	3.45	3.84	-0.40
Omega ratio: Gain probability vs. loss probability	1.50	1.71	-0.21
Calmar ratio: Return relative to maximum drawdown	2.40	7.72	-5.32
Martin ratio: Return relative to average drawdown	7.91	19.17	-11.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TFI vs. PUSH - Sharpe Ratio Comparison

The current TFI Sharpe Ratio is 2.38, which is comparable to the PUSH Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of TFI and PUSH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TFI	PUSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.54	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	2.91	-2.40

Drawdowns

TFI vs. PUSH - Drawdown Comparison

The maximum TFI drawdown since its inception was -15.49%, which is greater than PUSH's maximum drawdown of -0.85%. Use the drawdown chart below to compare losses from any high point for TFI and PUSH.

Drawdown Indicators

	TFI	PUSH	Difference
Max Drawdown Largest peak-to-trough decline	-15.49%	-0.85%	-14.64%
Max Drawdown (1Y) Largest decline over 1 year	-2.79%	-0.50%	-2.29%
Max Drawdown (3Y) Largest decline over 3 years	-6.81%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.41%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.49%	—	—
Current Drawdown Current decline from peak	-1.21%	0.00%	-1.21%
Average Drawdown Average peak-to-trough decline	-2.97%	-0.11%	-2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.20%	+0.65%

Volatility

TFI vs. PUSH - Volatility Comparison

SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) has a higher volatility of 0.90% compared to PGIM Ultra Short Municipal Bond ETF (PUSH) at 0.30%. This indicates that TFI's price experiences larger fluctuations and is considered to be riskier than PUSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFI	PUSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	0.30%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	2.10%	0.98%	+1.12%
Volatility (1Y) Calculated over the trailing 1-year period	2.82%	1.52%	+1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.31%	1.30%	+3.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.00%	1.30%	+3.70%

TFI vs. PUSH - Expense Ratio Comparison

TFI has a 0.23% expense ratio, which is higher than PUSH's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TFI vs. PUSH - Dividend Comparison

TFI's dividend yield for the trailing twelve months is around 3.48%, more than PUSH's 3.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PUSH PGIM Ultra Short Municipal Bond ETF	3.23%	3.45%	1.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF	3.48%	3.32%	3.01%	2.41%	1.87%	1.71%	1.91%	2.14%	2.26%	2.16%	2.39%	2.40%

Frequently Asked Questions

Can I hold both TFI and PUSH in my portfolio?

TFI and PUSH have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFI or PUSH?

TFI has higher volatility (0.90%) compared to PUSH (0.30%). In terms of maximum drawdown, TFI dropped -15.49% vs PUSH's -0.85%.

Which ETF is better, TFI or PUSH?

On 1-year performance, TFI leads with 6.67% vs 3.85% for PUSH. On fees, PUSH is cheaper at 0.15% per year. On volatility, PUSH has been the lower-risk option at 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TFI or PUSH?

Over the 1-year period, TFI has performed better with a 6.67% return vs 3.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TFI or PUSH?

PUSH is cheaper with a 0.15% expense ratio, compared with 0.23% for TFI.

Which ETF pays a higher dividend yield, TFI or PUSH?

TFI has the higher dividend yield at 3.48%, compared with 3.23% for PUSH.

What is the main difference between TFI and PUSH?

They also come from different issuers: State Street and PGIM. Their fees differ too: 0.23% for TFI and 0.15% for PUSH.

Which has better risk-adjusted returns?

PUSH currently has the higher Sharpe Ratio (2.54 vs 2.38), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.